Wells Fargo & Company Increases Steel Dynamics (NASDAQ:STLD) Price Target to $210.00

Steel Dynamics (NASDAQ:STLD) had its target price hoisted by equities research analysts at Wells Fargo & Company from $190.00 to $210.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 6.84% from the stock’s current price.

Several other brokerages also recently weighed in on STLD. Jefferies Financial Group upped their target price on shares of Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 10th. JPMorgan Chase & Co. upped their price objective on Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a research note on Friday, December 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday, December 29th. Wall Street Zen raised Steel Dynamics from a “hold” rating to a “strong-buy” rating in a report on Saturday, January 31st. Finally, Morgan Stanley restated an “equal weight” rating and issued a $194.00 price target (up from $173.00) on shares of Steel Dynamics in a research note on Friday, January 9th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.22.

Steel Dynamics Stock Performance

Shares of STLD stock traded up $3.43 during trading hours on Monday, reaching $196.56. 244,593 shares of the company traded hands, compared to its average volume of 1,345,237. The firm has a 50-day moving average price of $182.38 and a 200 day moving average price of $160.25. The company has a market cap of $28.71 billion, a P/E ratio of 24.52, a P/E/G ratio of 0.52 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29. Steel Dynamics has a 12-month low of $103.17 and a 12-month high of $208.47.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.10. The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.62 billion. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. The firm’s revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.36 EPS. As a group, sell-side analysts predict that Steel Dynamics will post 9.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of STLD. Lingohr Asset Management GmbH grew its holdings in Steel Dynamics by 1,284.8% during the third quarter. Lingohr Asset Management GmbH now owns 40,423 shares of the basic materials company’s stock worth $5,636,000 after acquiring an additional 37,504 shares during the period. Ninety One UK Ltd grew its holdings in Steel Dynamics by 33.5% in the third quarter. Ninety One UK Ltd now owns 119,863 shares of the basic materials company’s stock valued at $16,712,000 after purchasing an additional 30,102 shares during the period. Rakuten Investment Management Inc. purchased a new stake in shares of Steel Dynamics in the third quarter valued at approximately $8,592,000. Forvis Mazars Wealth Advisors LLC purchased a new stake in Steel Dynamics in the 3rd quarter worth $1,047,000. Finally, Mediolanum International Funds Ltd raised its position in Steel Dynamics by 157.2% during the third quarter. Mediolanum International Funds Ltd now owns 206,140 shares of the basic materials company’s stock worth $28,629,000 after acquiring an additional 125,981 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.